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Trending ETFs

Name

As of 06/14/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$6.62

$58.5 M

4.74%

$0.31

0.59%

Vitals

YTD Return

-0.6%

1 yr return

-0.4%

3 Yr Avg Return

-9.3%

5 Yr Avg Return

-3.8%

Net Assets

$58.5 M

Holdings in Top 10

46.2%

52 WEEK LOW AND HIGH

$6.6
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.59%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 95.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$100,000

IRA

$5,000


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 06/14/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$6.62

$58.5 M

4.74%

$0.31

0.59%

DBLDX - Profile

Distributions

  • YTD Total Return -0.6%
  • 3 Yr Annualized Total Return -9.3%
  • 5 Yr Annualized Total Return -3.8%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 2.87%
DIVIDENDS
  • Dividend Yield 4.7%
  • Dividend Distribution Frequency None

Fund Details

  • Legal Name
    DoubleLine Long Duration Total Return Bond Fund
  • Fund Family Name
    DoubleLine Funds
  • Inception Date
    Dec 15, 2014
  • Shares Outstanding
    6206867
  • Share Class
    I
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Vitaliy Liberman

Fund Description

The Fund seeks long-term total return comprised of capital growth and current income by investing principally in debt securities of any kind. The Fund may invest without limit in mortgage-backed securities of any maturity or type, including those guaranteed by, or secured by collateral that is guaranteed by, the United States Government, its agencies, instrumentalities or sponsored corporations, as well as those of private issuers not subject to any guarantee. Mortgage-backed securities include, among others, government mortgage pass-through securities, collateralized mortgage obligations, multiclass pass-through securities, private mortgage pass-through securities, stripped mortgage securities (e.g., interest-only and principal-only securities) and inverse floaters. The Fund may also invest in corporate debt obligations; asset-backed securities; foreign securities (corporate and government, including foreign hybrid securities); emerging market securities (corporate and government); inflation-indexed bonds; bank loans and assignments; income-producing securitized products, including collateralized loan obligations (“CLOs”); preferred securities; and other instruments bearing fixed or variable interest rates of any maturity.
Under normal circumstances, the Adviser expects to construct an investment portfolio for the Fund with a dollar-weighted average effective duration of at least ten years. Duration is a measure of the expected life of a fixed income instrument that is used to determine the sensitivity of a security’s price to changes in interest rates. Effective duration is a measure of the Fund’s portfolio duration adjusted for the anticipated effect of interest rate changes on bond and mortgage prepayment rates as determined by the Adviser. The effective duration of the Fund’s investment portfolio may vary significantly from time to time based on, among other things, fluctuations in interest rates, changes in the rate of prepayments on mortgages underlying the Fund’s mortgage-related investments, and the Adviser’s expectations with respect to future interest rates. There can be no assurance that the effective duration of the Fund’s investment portfolio will equal or exceed ten years at all times. The Fund may invest in individual securities of any maturity or duration. Because the Fund will usually have a relatively long duration, the value of its shares will be especially sensitive to changes in interest rates.
In managing the Fund’s portfolio, the portfolio managers typically use a controlled risk approach. The techniques of this approach attempt to control the principal risk components of the fixed income markets and may include, among other factors, consideration of the Adviser’s view of the following: the potential relative performance of various market sectors, security selection available within a given sector, the risk/reward equation for different asset classes, liquidity conditions in various market sectors, the shape of the yield curve and projections for changes in the yield curve, potential fluctuations in the overall level of interest rates, and current fiscal policy.
Under normal circumstances, the Fund intends to invest primarily in fixed income and other income-producing instruments rated investment grade and unrated securities considered by the Adviser to be of comparable credit quality. The Fund may, however, invest up to 20% of its total assets in fixed income and other income-producing instruments rated below investment grade and those that are unrated but determined by the Adviser to be of comparable credit quality. Those instruments include high yield, high risk bonds, commonly known as “junk bonds.”
The Fund will normally limit its foreign currency exposure (from non‑U.S. dollar denominated securities or currencies) to 30% of its total assets, and may invest without limit in U.S. dollar-denominated securities of foreign issuers. The Fund may invest up to 25% of its total assets in obligations of governmental or private obligors in emerging market countries. The Adviser considers an “emerging market country” to be a country that, at the time the Fund invests in the related fixed income instruments, is classified as an emerging or developing economy by any supranational organization such as an institution in the World Bank Group or the United Nations, or an agency thereof, or is considered an emerging market country for purposes of constructing a major emerging market securities index.
The Adviser monitors the duration of the Fund’s portfolio securities to seek to assess and, in its discretion and subject to the duration parameters described above, adjust the Fund’s exposure to interest rate risk. The Adviser may seek to manage the dollar-weighted average effective duration of the Fund’s portfolio through the use of derivatives and other instruments (including, among others, inverse floaters, futures contracts, U.S. Treasury swaps, interest rate swaps, total return swaps and options, including options on swap agreements). The Fund may incur costs in implementing duration management strategies, and there can be no assurance that the Fund will engage in duration management strategies or that any duration management strategy employed by the Fund will be successful.
The Fund may enter into derivatives transactions and other instruments of any kind for hedging purposes or otherwise to gain, or reduce, long or short exposure to one or more asset classes or issuers. For example, the Fund may use futures contracts and options on futures contracts, in order to gain efficient long or short investment exposures as an alternative to cash investments or to hedge against portfolio exposures; interest rate swaps, to gain indirect long or short exposures to interest rates, issuers, or currencies, or to hedge against portfolio exposures; and total return swaps and credit derivatives (such as credit default swaps), put and call options, and exchange-traded and structured notes, to take indirect long or short positions on indexes, securities, currencies, or other indicators of value, or to hedge against portfolio exposures. The Fund may also engage in short sales or take short positions, either to adjust its duration or for other investment purposes. The Fund may use derivatives transactions with the purpose or effect of creating investment leverage.
Under normal circumstances, the Fund intends to invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in bonds. “Bonds” include bonds, debt securities and fixed income and income-producing instruments of any kind issued by governmental or private-sector entities. Most bonds consist of a security or instrument having one or more of the following characteristics: a fixed-income security, a security issued at a discount to its face value, a security that pays interest, whether fixed, floating or variable, or a security with a stated principal amount that requires repayment of some or all of that principal amount to the holder of the security. The Adviser interprets the term bond broadly as an instrument or security evidencing what is commonly referred to as an IOU rather than evidencing the corporate ownership of equity unless that equity represents an indirect or derivative interest in one or more debt securities.
The Fund may pursue its investment objective and obtain exposures to some or all of the asset classes described above by investing in other investment companies, including, for example, other open‑end or closed‑end investment companies and exchange-traded funds (“ETFs”), including investment companies sponsored or managed by the Adviser or its related parties. The amount of the Fund’s investment in certain investment companies may be limited by law or by tax considerations.
Portfolio securities may be sold at any time. By way of example, sales may occur when the Fund’s portfolio managers determine to take advantage of what the portfolio managers consider to be a better investment opportunity, when the portfolio managers believe the portfolio securities no longer represent relatively attractive investment opportunities, when the portfolio managers perceive deterioration in the credit fundamentals of the issuer, or when the individual security has reached the portfolio managers’ sell target.
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DBLDX - Performance

Return Ranking - Trailing

Period DBLDX Return Category Return Low Category Return High Rank in Category (%)
YTD -0.6% -7.7% -0.5% 6.25%
1 Yr -0.4% -11.3% 0.8% 9.38%
3 Yr -9.3%* -17.0% -4.3% 31.25%
5 Yr -3.8%* -7.3% -1.1% 50.00%
10 Yr N/A* -0.2% 1.1% N/A

* Annualized

Return Ranking - Calendar

Period DBLDX Return Category Return Low Category Return High Rank in Category (%)
2023 0.3% -2.9% 2.7% 28.13%
2022 -31.3% -42.8% -16.7% 50.00%
2021 -6.7% -25.7% -4.1% 31.25%
2020 3.9% -7.9% 22.6% 70.00%
2019 6.0% 3.3% 18.5% 85.19%

Total Return Ranking - Trailing

Period DBLDX Return Category Return Low Category Return High Rank in Category (%)
YTD -0.6% -7.7% -0.5% 6.25%
1 Yr -0.4% -11.3% 0.8% 9.38%
3 Yr -9.3%* -17.0% -4.3% 31.25%
5 Yr -3.8%* -7.3% -1.1% 50.00%
10 Yr N/A* -0.2% 1.1% N/A

* Annualized

Total Return Ranking - Calendar

Period DBLDX Return Category Return Low Category Return High Rank in Category (%)
2023 4.0% 0.9% 4.9% 9.38%
2022 -29.2% -41.3% -15.2% 21.88%
2021 -3.7% -6.5% -1.9% 9.38%
2020 14.4% 10.0% 25.0% 86.67%
2019 11.8% 8.0% 21.2% 88.89%

NAV & Total Return History


DBLDX - Holdings

Concentration Analysis

DBLDX Category Low Category High DBLDX % Rank
Net Assets 58.5 M 25.2 M 47.7 B 93.75%
Number of Holdings 58 4 339 62.50%
Net Assets in Top 10 27.6 M 25.2 M 26.4 B 93.75%
Weighting of Top 10 46.15% 18.0% 112.2% 54.84%

Top 10 Holdings

  1. United States Treasury Note/Bond 11.02%
  2. Government National Mortgage Association 4.83%
  3. Fannie Mae-Aces 4.77%
  4. United States Treasury Note/Bond 4.71%
  5. Freddie Mac REMICS 4.33%
  6. Government National Mortgage Association 3.88%
  7. Fannie Mae REMICS 3.49%
  8. United States Treasury Note/Bond 3.32%
  9. Freddie Mac REMICS 3.24%
  10. Freddie Mac REMICS 2.58%

Asset Allocation

Weighting Return Low Return High DBLDX % Rank
Bonds
96.37% 96.34% 228.80% 93.75%
Cash
3.24% 0.00% 4.93% 12.50%
Other
0.39% -71.70% 1.10% 6.25%
Stocks
0.00% 0.00% 0.12% 46.88%
Preferred Stocks
0.00% 0.00% 0.00% 46.88%
Convertible Bonds
0.00% 0.00% 0.00% 46.88%

Bond Sector Breakdown

Weighting Return Low Return High DBLDX % Rank
Government
49.23% 25.53% 99.97% 93.75%
Securitized
42.31% 0.00% 42.48% 6.25%
Cash & Equivalents
1.96% 0.00% 4.93% 28.13%
Derivative
0.39% -0.71% 1.10% 6.25%
Corporate
0.00% 0.00% 0.48% 50.00%
Municipal
0.00% 0.00% 0.01% 50.00%

Bond Geographic Breakdown

Weighting Return Low Return High DBLDX % Rank
US
96.37% 96.34% 227.05% 93.75%
Non US
0.00% 0.00% 1.75% 46.88%

DBLDX - Expenses

Operational Fees

DBLDX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.59% 0.03% 3.12% 32.26%
Management Fee 0.35% 0.00% 0.65% 70.97%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.15% 0.35% N/A

Sales Fees

DBLDX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 3.75% 3.75% N/A
Deferred Load N/A 1.00% 1.00% N/A

Trading Fees

DBLDX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 2.00% 2.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

DBLDX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 95.00% 6.00% 114.00% 70.00%

DBLDX - Distributions

Dividend Yield Analysis

DBLDX Category Low Category High DBLDX % Rank
Dividend Yield 4.74% 0.00% 4.46% 28.13%

Dividend Distribution Analysis

DBLDX Category Low Category High Category Mod
Dividend Distribution Frequency None Quarterly Monthly Monthly

Net Income Ratio Analysis

DBLDX Category Low Category High DBLDX % Rank
Net Income Ratio 2.87% 0.74% 2.87% 3.23%

Capital Gain Distribution Analysis

DBLDX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually Annually

Distributions History

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DBLDX - Fund Manager Analysis

Managers

Vitaliy Liberman


Start Date

Tenure

Tenure Rank

Dec 15, 2014

7.46

7.5%

Mr. Liberman joined DoubleLine in 2009. He is part of the portfolio management and trading team specializing in trading mortgages and mortgage credit securities. He also participates on the Fixed Income Asset Allocation committee. Prior to DoubleLine, he was a Vice President at TCW for the previous six years where he also worked in portfolio management and trading. Mr. Liberman graduated from the California State University at Northridge earning both a BS and an MS in Applied Mathematics. He is a CFA charterholder.

Jeffrey Gundlach


Start Date

Tenure

Tenure Rank

Dec 15, 2014

7.46

7.5%

Mr. Gundlach is CEO of DoubleLine. In 2011, he appeared on the cover of Barron's as "The New Bond King." In 2013, Institutional Investor named him "Money Manager of the Year." In 2012, 2015 and 2016, he was named one of "The Fifty Most Influential" in Bloomberg Markets. In 2017, he was inducted into the FIASI Fixed Income Hall of Fame. Mr. Gundlach is a summa cum laude graduate of Dartmouth College, with degrees in Mathematics and Philosophy.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.41 25.85 8.04 6.25